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U.S. stock indices slide as tech stocks retreat

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US stocks fell on Tuesday as tech stocks weighed on major indexes.

The S&P 500 slipped 1%. The benchmark index rose 0.3% on Monday, despite the drop in tech giant stocks. The highly technological Nasdaq Composite fell 1.7% on Tuesday morning. The Dow Jones Industrial Average is down 0.7%.

Major indices were near record highs as investors assess strong economic data and strong corporate earnings against inflation concerns and rising coronavirus cases in parts of the world. Some fund managers say the improved economic outlook and corporate earnings have been built into the valuation of stocks.

The market has already taken into account a strong recovery and an over-delivered earnings season, but that still hasn’t been enough to push indices much higher, said Sophie Chardon, multi-asset strategist at Lombard Odier. The market is now focused on the next steps, especially on politics. The next step will be to see how the Fed changes its outlook for monetary policy.

The improving economic situation is encouraging some investors to bet more on the companies that will benefit the most from the recovery. This is leading to a rebound in energy and banking stocks, while tech stocks have slowed their gains.

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